Buhari Signs Money Laundering, Terrorism Bills Into Law

President Muhammadu Buhari has signed into law, three bills aimed at improving the anti-money laundering and counter terrorist financing/proliferation financing framework in Nigeria.

The bills are: the Money Laundering (Prevention and Prohibition) Bill, 2022, the Terrorism (Prevention and Prohibition) Bill, 2022, and the Proceeds of Crime (Recovery and Management) Bill, 2022.

Speaking at a signing ceremony at the Council Chamber, State House, the President described the bills as being in tandem with this administration’s commitment to fight corruption and illicit financing activities, as well as critical to the governance agenda and the development of Nigeria, a statement signed by presidential spokesperson Femi Adesina said.

“The new laws have provided enough punitive measures and containment strategies against abuses and compromises,” he said, noting that the inadequacy of all the repealed Acts had impacted legal actions against offender.

“We will not rest until we rid the nation of the menace of money laundering, terrorism, and other financial crimes,” he added.